Ballet BC has raised $200,000, which will allow it to hire back its 18 dancers. Ballet BC has raised $200,000, which will allow it to hire back its 18 dancers. (CBC)

Ballet BC will dance another day after creditors agreed to accept the company's repayment plan under the Bankruptcy Act.

The ballet troupe owes 168 creditors a total of $400,000 and could have been forced to fold if the creditors had rejected the plan.

Under the plan, the company will pay creditors the first $500 of any monies owed, then a portion of every dollar thereafter.

As well as winning creditor approval, Ballet BC has $200,000 in pledged donations that will allow the company to hire back its 18 dancers and 20 staff, who were laid off in November.

They will return Jan. 12 to start preparations for the ballet Carmen.

Ballet BC board chair Graeme Barrit said Friday that he's delighted with the outcome of the vote, as well as the immense support ballet fans across the province have shown the company.